SC strikes down electoral bonds scheme, calls it unconstitutional.

La Excellence IAS Academy

February 16, 2024

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Electrol Bonds SC Unconstitution

SC strikes down electoral bonds scheme, calls it unconstitutional.

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La Excellence IAS Academy | February 16, 2024 | Indian Polity

Syllabus: GS-II

Subject: Polity

Topic: Elections and RPA

Issue: Electoral Bonds

Context: Supreme Court striked down electoral bonds scheme.

Reasons

Verdict:

Details of donations to be provided to the Election Commission.
Uncashed bonds to be refunded.
Amendment to the Companies Act allowing corporate funding was also struck down.Top of Form

Electoral bonds introduced in 2018 by the Government of India for anonymous political donations.
Only registered political parties eligible to receive electoral bonds.
Eligibility criteria include recognition under Section 29A of the Representation of the People Act, 1951, and securing at least 1% of votes in recent elections.
Denominations range from Rs. 1,000 to Rs. 1 crore.
State Bank of India (SBI) is the sole authorized bank for selling electoral bonds.
Citizens or Indian-incorporated bodies can purchase bonds.
Bonds have a 15-day lifespan for donation to registered political parties.
Available for purchase for 10 days each in January, April, July, and October.